M.B.V.: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
M.B.V.
Largest movements
- Tangible fixed assets -€561,562
down €561,562 (-63.9%), from €878,559 to €316,997
of which Land and buildings: -€503,249
- Current investments +€400,000
up €400,000 (+57.1%), from €700,000 to €1.1m
- Receivables within one year +€41,387
up €41,387 (+440%), from €9,405 to €50,792
- Other debts +€472,190
new in 2025: €472,190
- Reserves -€436,941
down €436,941 (-35.7%), from €1.2m to €785,786
- Tax, wage and social debts -€139,787
down €139,787 (-90.4%), from €154,696 to €14,909
of which Taxes: -€139,787
- Gross operating margin -€151,843
down €151,843 (-52.4%), from €289,580 to €137,738
- Taxes -€47,186
down €47,186 (-76.1%), from €62,028 to €14,842
- Financial charges -€27,017
down €27,017 (-98.9%), from €27,304 to €287
- Financial income -€19,479
down €19,479 (-57.7%), from €33,752 to €14,273
- Staff costs -€16,878
down €16,878 (-100%), from €16,878 to €0
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,632,593 | €1,523,022 | -€109,571 | -6.7% |
| Fixed assets | 21/28 | €878,559 | €316,997 | -€561,562 | -63.9% |
| Tangible fixed assets | 22/27 | €878,559 | €316,997 | -€561,562 | -63.9% |
| Land and buildings | 22 | €738,500 | €235,251 | -€503,249 | -68.1% |
| Plant, machinery and equipment | 23 | €123,280 | €72,880 | -€50,400 | -40.9% |
| Furniture and vehicles | 24 | €16,779 | €8,866 | -€7,912 | -47.2% |
| Current assets | 29/58 | €754,034 | €1,206,025 | +€451,991 | +59.9% |
| Amounts receivable within one year | 40/41 | €9,405 | €50,792 | +€41,387 | +440% |
| Trade receivables | 40 | €9,405 | €50,792 | +€41,387 | +440% |
| Current investments | 50/53 | €700,000 | €1,100,000 | +€400,000 | +57.1% |
| Cash at bank and in hand | 54/58 | €37,812 | €48,861 | +€11,050 | +29.2% |
| Deferred charges and accrued income | 490/1 | €6,817 | €6,371 | -€446 | -6.5% |
| Total equity and liabilities | 10/49 | €1,632,593 | €1,523,022 | -€109,571 | -6.7% |
| Equity | 10/15 | €1,464,727 | €1,027,786 | -€436,941 | -29.8% |
| Contributions | 10/11 | €242,000 | €242,000 | = | 0.0% |
| Reserves | 13 | €1,222,727 | €785,786 | -€436,941 | -35.7% |
| Distributable reserves | 133 | €1,222,727 | €785,786 | -€436,941 | -35.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €167,865 | €495,236 | +€327,370 | +195% |
| Amounts payable within one year | 42/48 | €166,870 | €494,235 | +€327,365 | +196% |
| Trade debts | 44 | €12,174 | €7,136 | -€5,038 | -41.4% |
| Suppliers | 440/4 | €12,174 | €7,136 | -€5,038 | -41.4% |
| Taxes, remuneration and social security | 45 | €154,696 | €14,909 | -€139,787 | -90.4% |
| Taxes | 450/3 | €154,696 | €14,909 | -€139,787 | -90.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | - | €472,190 | +€472,190 | |
| Accrued charges and deferred income | 492/3 | €996 | €1,001 | +€5 | +0.5% |
| Non-recurring operating income | 76A | - | €20,418 | +€20,418 | |
| Remuneration, social security and pensions | 62 | €16,878 | €0 | -€16,878 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,921 | €89,480 | -€16,441 | -15.5% |
| Other operating charges | 640/8 | €5,577 | €4,653 | -€924 | -16.6% |
| Non-recurring operating charges | 66A | €5,635 | €7,500 | +€1,865 | +33.1% |
| Gross operating margin | 9900 | €289,580 | €137,738 | -€151,843 | -52.4% |
| Operating profit (loss) | 9901 | €155,569 | €36,105 | -€119,464 | -76.8% |
| Financial income | 75/76B | €33,752 | €14,273 | -€19,479 | -57.7% |
| Recurring financial income | 75 | €33,752 | €14,273 | -€19,479 | -57.7% |
| Financial charges | 65/66B | €27,304 | €287 | -€27,017 | -98.9% |
| Recurring financial charges | 65 | €27,304 | €287 | -€27,017 | -98.9% |
| Profit (loss) for the period before taxes | 9903 | €162,017 | €50,091 | -€111,926 | -69.1% |
| Income taxes | 67/77 | €62,028 | €14,842 | -€47,186 | -76.1% |
| Profit (loss) for the period | 9904 | €99,989 | €35,249 | -€64,740 | -64.7% |
| Profit (loss) for the period to be appropriated | 9905 | €99,989 | €35,249 | -€64,740 | -64.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.